Page 14 - MergedFile

October 27, 2025

GAS

British near-term gas prices fell over the week, driven by a Change in Gas Prices
tighter system caused by Norwegian maintenance and 110
increasing residential heating demand as the Oseberg
maintenance was extended. As a result, NBP spot slipped by 95
0.9% for the week, ending at 78.70 p/therm.
p/therm 80
Along the forward curve, the gas price for Sum-26 delivery
rose by 1.5% for the week, closing at 76.54 p/therm, fueled 65
by escalating geopolitical tensions, particularly U.S.
sanctions on Russian oil and the EU’s “shadow fleet” 50
Q1 26 Q226 Q3 26 Win26 Sum27 Win27
measure.
17.10.25 24.10.25

OIL

Crude oil prices marked their biggest gains since mid-June.
Brent
The EU sanctioned Russian energy, targeting major 67
producers and 117 vessels, while the U.S. sanctioned 66
Rosneft and Lukoil, prompting Chinese and Indian buyers to 65
cut purchases. Putin downplayed the impact but warned of 64
tighter global supply, pushing Brent futures into 63
backwardation. Rising EU-China tensions over sanctions on $/bbl 62
Chinese refiners add uncertainty ahead of a U.S.-China 61
meeting that could ease trade frictions.
60

59
As a result, Brent crude surged by about 8% for the week,
58
closing at $65.94 per barrel. 17.10.2025 20.10.25 21.10.25 22.10.25 23.10.25 24.10.25